Answer:
For free market economy, we can explain it in 3 expects. First, because households are the 'owners' of productive resources, firms have to pay them for their resources in the resource market, they can produce everything they want, the type and amount of products are determined by every individual firms, but they should produce the goods and service that other companies or household want, and can make the maximum profits, more profits, more motive for the producers. Prices are determined by householders.
While For the centrally planned economy, (it is also called command economy), all the resources (land, labour and capital) in the market are allocated by government, and it makes all the productive decisions, including price determination, so, the centrally planned economy is a government-controlled economic situation. First, a centrally planned economy may choose to produce whatever the government decides is most crucial to meeting society's needs, the government should provide services and goods that can cater to the people's need. Like in the 19th and 20th centuries period, in China, Mao Zedong realized that China is under a low level of heavy industry, so he decided to develop it first, then the light industry, this decision is sensible and realistic.
The correct answer is individual preferences and tastes of buyers.
When there is increase in demand also the demand curve shifts. If there is a change in factor apart from price then the whole of demand curve shifts.
The income of consumers determines the demand of the commodity. Also prices which are related to goods and also preferences and tastes of the customer.
Demand for automobiles can be elastic where there can be delay in buying a new vehicle.
Due to many substitutes the model for automobile can be highly elastic.
Answer:
Foreign policy goals include the following: Preserving the national security of the United States. Promoting world peace and a secure global environment. Maintaining a balance of power among nations.
Explanation:
It is the A and if you have any doubts do not hesitate to consult it.
